How do market prices coordinate the economic activity of millions of individuals?

Q: In the circular flow model, firms own the economic resources and households buy the manufactured…

A: Firms and household are the two players in the circular flow model.

Q: is this a normative statement: NASA should send a shuttle to Mars to do more research on the planet

A: Normative statements contain value judgements or such statements are advisory type.

Q: Which of the following economic systems are concerned with addressing the fundamental economic…

A: The correct answer is;

Q: Why is the ecotourism important for economies? Discuss in terms of sustainable development,…

A: Ecotourism means responsibly travelling to the natural areas in a view to preserve local habitats.…

Q: In what way is appoed economics important in tackling economic issues or problems of the country?

A: Applied economics is the appliance of financial assumption to conclude the expected outcome allied…

Q: In the world, every economy faces the same fundamental economic challenges. Explain briefly what are…

A: Economic issues faced by the world economy including for all the countries as well as region have a…

Q: An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a…

A: The input-output analysis represents how much input is required in each sector to produce a certain…

Q: Amagine you are the manager of a car dealership and you are trying to create an economic model to…

A: An economic model creates a similar situation for a firm in accordance to real life through which…

Q: Write a brief paragraph detailing certain markets that wouldn't even exist without government…

A: Government intervention is when the government takes regulatory action to try to influence peoples,…

Q: market economy is regulated by the interaction between which two things    A.Goods and services…

A: A market is a platform where buyers and sellers interact to buy and sell goods and services.

Q: The two types of goods and services produced are An example of O A consumption goods and services…

A: A production possibility frontiers illustrate the combination of two goods or services that a…

Q: Explain the operation of the “invisible hand” and why market economies usually do a better job than…

A: The concept of invisible hand was put forward by adam Smith.

Q: What do you see as the biggest difference between market and non-market economies?

A: Market economy is run by private people. There is private ownership of factors of production in…

Q: Can you think of any examples of free goods, thatis, goods or services that are not scarce?

A: Goods and services are produced in the economy. These goods are manufactured and sold to public as…

Q: Define in your own words what is production and what are the factors that enhances the production in…

A: Introduction and definition if production is given below:

Q: Goods and Services) EXPLAIN WHY public high school education would not be considered free for the…

A: Answer in step 2.

Q: Which of the following refers to an economy which most economic decisions are made by the government…

A: While in laissez-faire free markets (market-oriented) economies, demand and supply are determined by…

Q: According to the economic theory known as mercantilism

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Do the higher property prices are considered normatively positive or normatively negative?

A: Positive Statements : Positive Statements are those statements in economics which deals with the…

Q: why the lack of well-defined and enforceable property rights is detrimental to the smooth…

A: Property rights is legal ownership and theory of resources telling how the resources can be used.…

Q: Are households primarily buyers or seller in the goods and services in the market? In the labor…

A: The simple circular flow model is used to see the flow of income and output between the households…

Q: The circular-flow diagram illustrates that, in marketsfor the factors of production,a. households…

A: Option ‘a’ is correct Option ‘a’- The circular-flow model has the market for the factors of…

Q: Walras law as used in economics.

A: Economics- It is related to the production, distribution, and consumption of goods and services.

Q: 3 Jets (hundreds per month) 19. In the above figure, which of the following is true regarding the…

A: Hello. Since you have posted multiple questions, we will solve the first question for you. If you…

Q: Is space the canvas on which economic geographical patterns are mapped out, or does it play a role…

A: Economic Geographic patterns are the aggregate result or resultant of the several economic laws,…

Q: Are households primarily buyers or sellers in thegoods and services market? In the labor market?

A: The circular flow model depicts the flow of money in society. Money moves from producers to…

Q: The greatest incentive for conserving scarce resources and using them in the most productive ways…

A: Natural Resources are materials from the Earth that are consumed to help life and address…

Q: What is social responsibility? Can the government compel businesses in our country to abide by this…

A: In an economy, when an individual makes decision, his decision will influence the market when people…

Q: Is the environment an economic asset? Is the environment a social asset? Explain.

A: The environment is an economic and social asset. The environment is an economic asset in the sense…

Q: What are the economic markets

A: There are many economic market structures which are differentiated by ts characteristics. All…

Q: Constrast the essential features of a market economy with those of a planned or command economy ?

A: Answer- Difference between market economy & planned or command economy  Market economy :- Market…

Q: Why does Chang (2011) argue that there is no such thing as a free market? Why is immigration central…

A: Free market refers to a system where the buyers and sellers interact with each other to decide the…

Q: Can an economic system based on the use of non-renewable resources maintain its standard of living…

A: A resource that is non-renewable is described as a natural substance that is not filled up with the…

Q: Explain the difference between a free good and an economic good.

A: In economics, goods are products that meet human desires and give utility, such as a gratifying…

Q: Question 4 of 10 A market economy is best described as an economy that: A. gives the government…

A: "An economic system include different systems used by businesses/governments to interact and to…

Q: Why are individuals, businesses and countries forces to weigh the benefits and costs of their…

A: The economics as a study works upon the basis of the use of resources which are available with them…

Q: Name a way that your family interacts in the marketsfor the factors of production and a way that…

A: The factor of production are bought and sold under the factor market, and the final goods or…

Q: Explain the term free-market economy.

A: There are three types of economies: Free market economy Command economy Mixed economy

Q: how do we make the best use of the available resources

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: hat are examples of free-market economies?

A: Below are the three types of economies:1. Free market economy2. Command economy3. Mixed economy In…

Q: How do countries deal with the problem of wanting neither a pure market nor a pure command economy

A: Introduction pure market economy with the scarcity, the problem of what to produce, how to produce…

Q: Which of the following is not a way to the us government intervenes in the economy a. Minimum wage…

A: Certain public products and services are provided by the government because there is no market for…

Q: What is economics all about? What is supply and demand? What is exchanges rates?

A: Economics is a social science concerned with the behavior of consumers, producers and various…